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Journal Entries: Date Accounts Titles Debit $ Credit $ Income Summary 60000 Depreciation exp 5500 Salaries exp 34000 supplies exp 6000 Telephone exp 5200 Utilities exp 9300 (being debit expense entries posted to Income summary) Fees Income 107000 Income Summary 107000 (being credit revenue entries made to Income summary) Income summary 47000 Maria Lopez capital 47000 (profits transferred to capital account) Maria Lopez capital 52000 Maria Lopez Drawing 52000 (drawing transferred to capital account) Income summary: Amount $ Fees Income 107500 Less: Expenses: Depreciation exp 5500 Salaries exp 34000 supplies exp 6000 Telephone exp 5200 Utilities exp 9300 Total expenses 60000 Net Income 47500 Balance Sheet : Assets: Amount $ Cash 66000 AR 5800 Supplies 4200 Current Assets: 76000 Equipment 52000 Acc. Dep - Eq -5000 Total Assets 123000 Liabilities : Amount $ AP 6000 Current Liabilities: 6000 Maria Lopez capital 121500 less drawing -52000 add Net income 47500 Net Maria Lopez capital 117000 Total liabilities 123000